Over half a trillion dollars’ worth of dogecoin is now in circulation & it is also the sixth most valued cryptocurrency in existence. After Elon Musk (Tesla CEO) tweeted about it, the value of a dogecoin increased by more than four times on Friday. In April, that huge demand for dogecoin forced Robinhood’s crypto exchange system down for a brief while.
A cryptocurrency (dogecoin) hit a new all-time high one fine afternoon. It has risen by more than 26,000 percent in market value for six months and now stands at about $92 billion. While the S&P 500 climbed 19 percent, Bitcoin and Ethereum climbed 286 & 698 percent, respectively, during the same time.
Dogecoin Is A Cryptocurrency, But What Precisely Is It?
It is possible to buy and sell Dogecoins as an investment, just like other cryptocurrencies. It has some resemblance to bitcoin but has some key differences. Each year, dogecoin will issue a new block of coins for mining, with 129 billion dogecoins currently in circulation. The current value of the doge currency is around three dimes, but the value of a bitcoin is over 62,000 dollars. One of the most intriguing aspects of dogecoin is its active online community. Josh Wise, the Nascar driver was sponsor in 2014 thanks to the crowdsourcing success of this project.
How Did This All Start?
Dogecoin was created on December 6, 2013, as a joke by a few software engineers. An IBM developer from Portland, Oregon, Billy Markus envisioned his currency as accessible to the whole populace. In his quest to make his bizarre dream a reality, Markus stumbled across Jackson Palmer, a former employee of Adobe, who was able to aid him. It is no coincidence that the Shiba Inu mascot is the first image on the page, much like the meme. According to the logo, dogecoin is an open-sourced peer-to-peer digital currency favored by Shiba Inus worldwide.
What Is It About It That Has Made It So Popular Recently?
Aside from Elon Musk, the most prominent supporter of dogecoin is Yuri Milner. It just takes one of Trump’s bizarre tweets to over 50 million visitors to send the price of Bitcoin surging. When Elon posted “Dog Barking at the Moon” in April, he also included a photo of a Joan Miró painting as an attachment. “Dog Barking At The Moon” was inspiring by the dogecoin meme and created by Miró.
Reddit has embraced dogecoin to the point that it has become a cult currency. A well-known corporation set dogecoin’s value to rise “to the moon,” comparable to the Wall Street gang next to the GameStop surge. The dogecoin value increased by nearly 600 percent in response to the initiative. Although the trade all of the dogecoins while he was releasing from prison in 2015, Markus is not benefiting from the rapid growth of the cryptocurrency.
Facts Of Dogecoin
- The number of dogecoins that can create now has no limit, unlike bitcoin, which has a maximum of 21 million coins.
- Dogecoin’s price has surged by almost 26,000% in the six months before can 7, surpassing both bitcoin’s and ether’s price gains.
The Impact Of Elon Musk Tweets
Snoop Dogg, Kiss musician Gene Simmons, and dogecoin backer DOGS are just a few examples. According to analysts, new highs have been set this week for the animal-branding currency, and it is reminiscent of the GameStop trading craze of this year. Thanks to the introduction of commission-free trading via online brokerage platforms like Robinhood, it is now easier than ever to invest in bitcoin.
The Value Of Dogecoin
The emergence of dogecoin seems to be purely speculative, with its value will determine only by the opinions of its users. Even if people have faith in the cryptocurrency and its built network, dogecoin was not an ideal long-term store of value. However, It is not all doom and gloom for dogecoin, as more merchants are starting to use it as a payment method.
Dogecoin came to market by an Australian brand & marketing professional and a US coder. It started as a joke, but now the money has real value. The currency’s value jumped from 0.00026 dollars to 1.00095 dollars on December 20. Dogecoin is gaining popularity, despite its lack of the $700+ value of Bitcoin.
Trendy Memes About Dogecoin
Doge is a meme that got much traction this year, and most of it is a picture of a Shiba Inus dog with a comic sans text following. With a value of nearly 3 million dollars, it is currently the 13th largest cryptocurrency on Coinmarketcap.
Shows The Rise Of Dogecoin & How Memes Can Move Markets
To justify its value, Bitcoin takes advantage of the fact that it would be artificially limit in supply. Only 21 million Bitcoins are there because of a rigorous “minting” restriction. Unlike other cryptocurrencies, dogecoin has no restriction on the amount of money it can be mined. A seemingly infinite supply of money begs the question: What is its value?
New Life Is Given To A Long-Running Joke
Jackson Palmer & Billy Markus, two software developers, started dogecoin, but Palmer has left the project. They created the cryptocurrency in part to be entertaining, but it was also meant to set itself apart from Bitcoin’s then-dubious reputation as payment for unlawful activities. A thriving investing community has sprung up around dogecoin, which has already weathered the storm of the first wave of speculative cryptocurrencies.
Collectivism Fosters Creativity
A new world currency, dogecoin has been declared on Reddit forums. But few people use bitcoin as a major investment or as a means of making everyday purchases. Those who buy the product do so because it is fun to have and comes with a welcoming and active community experience. The price rise from the previous week makes sense when seen in this light. After a meme-centric group propelled GameStop’s share price from over 20 dollars to 350 dollars in a couple of days, the spike happened only a few days afterward.
Doge Is A Well-Known Web Icon
As well as investing, some people make use of the financial markets for personal consumption. Playful infrastructures” is how Ellie Rennie, an RMIT crypto-ethnographer, describes them. Dogecoin & Bitcoin are almost comparable from a technical standpoint, and their economic responsibilities are so opposing as they could not be more different.